Energy Stocks Boost Market

09/30/2010 10:10 am EST


Thomas Aspray

, Professional Trader & Analyst

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Financial stocks were under pressure on Wednesday, but energy stocks have rallied as we head into the end of the month. The Energy Select Spyder ETF (XLE) closed at trend line resistance but is still below the major 61.8% resistance level at $57.20. XLE has had a nice rally from the September lows, and volume, which was low early in the rally, has improved. Chevron (CVX) is up almost 4% in the past week with major resistance at $83.50. For a technical look at other Dow stocks, see this recent Trading Lessons article.

Tom Aspray, professional trader and analyst, serves as video content editor for The views expressed here are his own.

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